TRON Network Outpaces Ethereum in USDT Supply During Third Quarter of 2026

Key Facts

The market capitalization of USDT on the TRON network exceeded $92.7 billion in the third quarter of 2026, setting a new record, according to a CoinDesk Research report. The network’s share of the total stablecoin market peaked at 50.6% in mid-September, before ending the quarter at just over 50%. These figures show TRON’s growing weight in the USDT market, but do not prove that its average supply exceeded Ethereum’s during the quarter. Available sources also do not support the claim that the average USDT balance on Ethereum declined during the period. Global USDT market capitalization remained broadly stable at around $184 billion, the same report said.

In settlements, TRON recorded $2.2126 trillion in stablecoin transactions in the third quarter, up 5.1% from $2.106 trillion in the second quarter, according to a TRON DAO report. Average daily settlements rose to $24.05 billion from $23.14 billion, a 3.9% increase. These figures indicate an increase in the value processed by the network, but do not establish whether the transfers were commercial payments or transfers between individuals. On September 30, TRON accounted for about 73% of total stablecoin transfer volume, compared with 15% for Ethereum, according to CoinDesk Research. That measure concerns transfer volume on that date, not the two networks’ shares of USDT supply.

The market-share gains extended to smaller transfers: TRON’s share of USDT transfers worth less than $1,000 rose to 55% in the third quarter, from 52% in the second quarter, according to CoinDesk Research. On supply, USDT on the network had reached about $89 billion in the second quarter, with a 47% share of the coin market, according to CoinDesk’s report for that quarter. In its third-quarter report, CoinDesk said TRON’s share exceeded 50% at period-end, after reaching a peak of 50.6% in mid-September. The TRON DAO report, meanwhile, combined USDT and USDD and said the supply of the two coins on the network reached $93.88 billion at quarter-end, up $4.88 billion, or 5.5%, from the second quarter. That total differs from CoinDesk’s figure for USDT alone.

The expansion in settlements coincided with higher activity metrics, though the reports did not directly attribute this to lower fees or improved transfer efficiency. TRON DAO said the 30-day moving average of active addresses reached 18 million in the third quarter, compared with 16.4 million in the second quarter, an increase of 9.8%. Nansen estimated average daily active addresses at 3.72 million, within a range of 2.83 million on August 23 and 4.39 million on July 28. CoinDesk reported an average of 3.7 million daily active users between July and September, up from 3.5 million in the second quarter. Average daily active users across the networks included in the comparison stood at 1.4 million, while Solana averaged 4.4 million, the report said.

By contrast, average daily transaction fees on TRON fell 4.0% from the second quarter, according to the TRON DAO report. On a protocol-fee measure, fees totaled $82.7 million in the third quarter, putting TRON second behind Hyperliquid, which recorded $227 million, according to CoinDesk Research. Cryptocurrency card payment volume also rose from $1.44 billion in the second quarter to $2.32 billion in the third, a 60.5% increase, and TRON became the largest network by share of card payment volume, at 27.5%. TRX rose 7% during the quarter, while its daily volatility was 0.9% among the assets compared in the report. These metrics describe different aspects of network activity, fees and asset performance, and do not on their own explain the reasons for supply growth.

TRON’s cumulative transaction volume exceeded $30 trillion on September 23, 2026, according to Nansen. In an analysis published by CoinDesk on September 23 and updated on September 28, the volume of stablecoin transfers processed by the network was estimated at about $150 billion to $190 billion a week. The analysis said the GENIUS Act, enacted in July 2025, established a federal framework for payment stablecoins covering permitted issuers, reserve requirements and oversight. This framework is a regulatory aspect of a model that relies on stablecoin transfers, while the impact of the rules may depend on which coins and entities are permitted. On September 9, Canary Capital launched the Canary Staked TRX ETF, the first U.S.-listed spot fund to offer exposure to TRX with staking rewards, according to Nansen.